Business energy costs 'may rise' after Japan disaster

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Business gas prices could rise as a result of the Japanese earthquake, a Shell boss has said.

Simon Henry, the company's chief financial officer, asserted: "There is likely to be a tightening of the [liquefied natural gas (LNG)] market and therefore gas markets in Europe and Asia over the next couple of years."

On March 12th, Fukushima's nuclear power plant was hit by an explosion that may have contributed to the Far East nation needing to import more fossil fuel from other countries, affecting the current supply line and Shell said it has already made emergency deliveries to the disaster-hit country.

According to Deutsche Bank, the UK is increasingly dependent upon LNG for energy supplies and the nation will become at risk of losing trade - more so than anywhere else in Europe - to Japan.

Mr Henry added that "spot" prices may increase but Shell has plans to raise oil barrel production to 3.7 million every day by 2014.

Posted by Jim Tidy

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